Bundy businesses already benefiting from state budget

GOOD news for growing Bundy businesses, as the State Government roll out major changes for payroll tax.

Glenn Butcher, Cindy Herbert, Emma Wendt and Nikki Ellis. Picture: Rhylea Millar

GOOD news for growing Bundy businesses, as the State Government roll out major changes for payroll tax.

Following the release of the budget, it was revealed the State Government increased the exemption threshold for payroll tax from $1.1 to $1.3 million, meaning 1500 additional businesses are now exempt from paying the hefty fee.

Assistant Treasurer Glenn Butcher met with Bundaberg business owners and accountants yesterday to discuss the change, saying the initiative will assist start-ups and growth.

"This extension means businesses can spend money elsewhere, whether that be focusing on marketing the business or expansion and creating more employment opportunities,” he said.

"The significant saving means that money can be invested back into the business or to create more jobs.

"The most feedback I have received was that payroll tax was one of the biggest things holding businesses back.

"Since announcing these changes, I've already heard from business owners that are now able to bring their casual staff members on a full-time employment basis, because of this change.

"We're also here today to get feedback from business owners and accountants and feed this information back to the department, so we can see what else we can do to help businesses in regional Queensland succeed.”

Mr Butcher said businesses with 85 per cent of their workforce based in regional Queensland will receive a 1 per cent discount on payroll tax.

"Across the state this package is expected to deliver lower taxes for more than 13,000 small and medium businesses, including 480 across the Wide Bay area,” he said.

"Considering Bundaberg makes up a big part of Wide Bay, you can safely assume that a large amount of the 480 businesses that will benefit from this are from Bundaberg.”

Ulton accountant Cindy Herbert attended the conference and was impressed to hear that the government was focusing on regional areas.

"I'm here on behalf of my clients to learn and pass on information relating to the payroll tax changes,” she said.

"These changes will help to bring cash into the economy and as a lot of our clients and businesses in the Bundaberg region are subject to payroll tax, by having this reduced it will mean more money and jobs for everyone.”

While the changes will allow for employment increases, it is also promising as more people working means additional spending at local businesses.

Mr Butcher said shops closures were happening across the region and owners should be focusing on trends.

"It's not just here in Bundaberg that shops are closing. Times are changing and if you don't have a digital or online presence, then you don't really have a presence at all.”

Originally published as Bundy businesses already benefiting from state budget